New Jersey awards 15-year pact for lottery sales

5:43 AM,
Apr. 13, 2013

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A consortium of private companies being awarded a contract to take over the New Jersey Lottery's sales, marketing and game development is guaranteeing only modest growth in lottery income over the next 15 years.

The state Department of the Treasury announced Friday that it had struck a deal with the Northstar New Jersey Lottery Group, which agreed to pay New Jersey $120 million up front and guarantees at least $1.4 billion of additional income over the next 15 years, on top of the minimum revenues the state says it could have generated without taking on a private partner. Northstar says it's ...